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US, Peru Seize $30 Million in Counterfeit Dollars

The U.S. Secret Service, in conjunction with the Peruvian government, seized $30 million in fake dollar bills, for the biggest bust of counterfeit American currency in the agency’s history.

The Secret Service said in a statement released Thursday that the global investigation focused on six Peruvian-based criminal organizations. On Tuesday, the agency worked with more than 1,500 Peruvian National Police officers in conducting raids in the capital Lima, leading to the arrest of 48 people. Also taken in the search were 50,000 euros.

Authorities found six counterfeit plants, eight counterfeit manufacturing presses, and more than 1,600 printing plates and negatives of different denominations. Photos released by the Secret Service showed counterfeit U.S. bills in denominations of 10s, 20s, 50s and 100s.

The 151-year-old agency says that Peru is the world’s largest manufacturer and distributor of counterfeit U.S. currency.

In recent years, the U.S. has been issuing new notes such as the $100 bill in a bid to prevent counterfeit currency. A report by the Federal Reserve showed that from 1989 to 2011, half or a little more than half of U.S. currency was circulated abroad.